So you’re ready to learn how to start a cannabusiness are you? Are you aware of the risks and rewards this industry has to offer? An important first step in your journey as a cannabis business owner is to know the markets, trends, consumers and extraneous factors that can affect cannabis in Canada today.
One of the simplest methods of mapping out the risks vs rewards of any given business opportunity is referred to as a ‘SWOT Analysis’. Many entrepreneurs, marketers and businesspeople use this tool to draw up the pros, cons, risks and rewards of any given business plan. Try doing one for your cannabusiness idea first before you ever get close to actually getting started.
Here’s a helpful template for SWOTs:
What are you good at?
What assets do you already control?
Do you have any pre-established unique offerings?
What areas are you lacking in expertise?
Do you have a plan?
How favorable is your financial outlook?
Do you have the chance to take over a pre-existing business?
Who do you know in the cannabis industry?
Where are you willing to go for success?
What’s the competition like?
Who might get in your way? Why?
What roadblocks exist? Debt? Restrictions? Stigma?